Gate News reports that a complex dispute in the U.S. Bitcoin mining sector continues to escalate. Swan Bitcoin has filed a subpoena in the Southern District of New York, seeking to summon Cantor Fitzgerald and its former CEO, now U.S. Secretary of Commerce Howard Lutnick, to obtain key evidence related to the stablecoin issuer Tether. This move has transformed what was initially a corporate partnership dispute into a focal event involving financial and regulatory relationships.
The case centers around Swan Bitcoin and Tether’s jointly established Bitcoin mining joint venture, 2040 Energy. According to the filings, the relationship between the parties broke down in mid-2024. Swan accuses internal executives Raphael Zagury and Zachary Lyons of colluding with Tether by resigning en masse and leaking data to weaken Swan’s control. In a short period, several employees left and formed a new entity to take over operations, after which related assets were sold to a Tether-affiliated company at a significantly undervalued price.
Meanwhile, Cantor Fitzgerald and Howard Lutnick are drawn into the controversy. The documents reveal that before the conflict erupted, Giancarlo Devasini introduced Swan management to Lutnick to discuss a potential IPO. Swan later provided sensitive operational data to Cantor, but contact between the parties abruptly ceased after a key event. Subsequently, Cantor is accused of participating in multiple financial transactions related to Tether, raising further questions about its role.
Notably, the filings also mention potential financial and interest connections, including trust structures and financing arrangements, indicating that the case involves not only corporate governance issues but also deeper capital network relationships. Although Tether has denied any misconduct, whether the court approves the subpoena will directly impact Swan’s ability to access critical communication records.
The case is still in the preliminary judicial phase, but its development could have far-reaching implications for Bitcoin mining cooperation models, the stablecoin ecosystem, and the compliance pathways for institutional participation in the crypto industry.
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